Savings, Certificates of Deposits and Money Markets
You know saving money is vital to your long-term financial success. Cornhusker Bank wants to empower you to save as aggressively as possible. Our experts will offer convenient ways for you to put money away for your life goals. And, to make life even easier, you can receive e-Statements with each of these savings accounts. Whether you are in college, just starting a career, or want to teach your children the value of saving money, Cornhusker Bank has a savings account for you. Compare the accounts below to see which is best for you, and if you need help choosing the right account, call or stop in to speak to one of our banking experts.
Savings
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Savings Accounts
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Regular Savings
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Goal Setter Savings
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Youth Savings
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Money Market Savings
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Features
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A basic account for anyone wanting to keep saving simple.
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Offers automatic transfers for those wanting to meet their savings goals without thinking about it. |
Provides hands on learning opportunities to develop savings skills for your kids under 17. |
Maximizes returns with aggressive rates and anytime access. |
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Minimum initial deposit
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$100
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$1
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$25
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$1000
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Free e-Statement option
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Yes
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Yes
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Yes
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Yes
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Interest
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Yes; interest rate varies. Interest earned on all balances will be credited and compounded quarterly. |
Yes; interest rate varies. Interest earned on all balances will be credited and compounded quarterly. |
Yes; interest rate varies. Interest earned on all balances will be credited and compounded quarterly. |
Yes; interest rates are tiered by balance. Interest earned on all balances will be credited and compounded monthly. |
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Withdrawals Allowed
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Nine debits per calendar quarter. $.30 for each additional.1
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Nine debits per calendar quarter. $.30 for each additional.1
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No charges for debits.1
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Six debits per month. $2 for each
additional.1
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ATM usage
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Free at Cornhusker Bank and MoneyPass ATMs.
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Free at Cornhusker Bank and MoneyPass ATMs.
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Free at Cornhusker Bank and MoneyPass ATMs.2
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Not Available
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Monthly Service Charge/Maintenance Fee
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$6 quarterly fee if average available balance is less than $100 during statement cycle. |
$4 monthly fee if $25 minimum automatic transfer is not made from a Cornhusker Bank checking account during statement cycle. |
None |
$10 monthly fee if average available balance is less than $1000 during statement cycle. |
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Elite Savings Plus
Have funds from a Cornhusker Bank CD to roll into a savings fund? This simple solution fits the bill. Open an Elite Savings Plus account with a minimum of $2,500 and enjoy interest earnings without monthly fees.4
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Tap Into the Power of Automatic Savings
Whatever you’re saving for, automatic saving is one of the simplest, most effective tools for making savings goals a reality.
How It Works
An automatic savings plan is typically carried out one of two ways: either the saver’s employer deducts a certain amount from each paycheck that’s then deposited into a savings account, or his or her financial institution transfers a set amount from the saver’s checking account into a savings account on a routine basis. Both options help keep savings goals on track.
Why It Works
There are countless incentives for enrolling in an automatic savings plan. Four common reasons include:
- Simple saving—Automatic savings plans are easy and require little effort to maintain. Many people will not stick with a financial plan if it’s too complex or difficult to achieve. The key to sustaining a savings goal is to make it as uncomplicated as possible.
- Easy growth—Once savers become accustomed to saving automatically, they often don’t notice the small sum leaving their paychecks or checking account. In time, automatic savers reap the rewards for their discipline. Putting aside only $50 a month, for example, adds up to $600 a year—or $3,000 after 5 years—that wasn’t saved before.
- Time management—As the old saying goes, “time is money”—and an automatic savings plan conserves both. Much like auto-paying utility bills, for example, automatic savings plans remove the work from transferring money each pay period. It also helps prevent savers from spending money on an impulse buy instead of putting it toward their longer-term financial goals.
- Proven results—People have been enjoying the success of automatic savings since the 1970s when these plans were first introduced.
There’s nothing to lose with automatic savings—but much to gain!
Are you ready to start saving for your goals? Learn more about our automatic savings program.
Disclosure
1Federal regulations limit the number of preauthorized transfers to 6 per month. Preauthorized transfers include automatic transfers, telephone or Internet banking transfers, or other third-party transfers.
2Account holder must be 14 years of age, and a guarantee and acknowledgement by a responsible adult is required. NUTMA accounts are not eligible.
3Check with your tax advisor for deductibility and limitations. Only available in Nebraska..
4A $10 monthly fee is assessed if the average available balance is less than $2,500.00 during the statement cycle.
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CDs
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*Annual Percentage Yield (APY) effective as of November 1, 2018. The APY assumes interest earned remains on deposit until maturity. The withdrawal of interest before maturity will reduce earnings and may reduce the APY. A penalty will be charged for an early withdrawal. Minimum deposit to open the account is $1000.00.
Certificates of deposit are savings products having a fixed term to maturity and a fixed rate, making it easy for you to forecast savings income.
Standard Certificates of Deposit
Who says there are no guarantees in life? With a Certificate of Deposit, you’ll receive a guaranteed return on your investment with the security of FDIC insurance on up to $250,000 of deposits. You choose the specific length of time at a set rate of yield that works best for you and your goals.
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CDARS
If you are thinking of depositing more than $250,000 in a CD and want full FDIC coverage, we provide the Certificate of Deposit Account Registry Service known as CDARS. Everything for this service is handled through Cornhusker Bank. A large deposit is broken into smaller amounts and placed with other banks that are members of a special network. Those member banks issue CDs in amounts under $250,000, so your entire investment is eligible for FDIC insurance, and all while working with just Cornhusker Bank.
You earn one rate on your entire investment, so you don’t have the hassle of negotiating multiple rates and receive multiple disbursement checks. You receive one regular account statement listing all your CDs, along with the issuing banks’ names, maturity dates, interest earned and other details.
How Does CDARS work?
- You enter into one Deposit Placement Agreement with Cornhusker Bank.
- You select an interest rate and a maturity which best matches their investment goals, based on our current CD options
- Using CDARS, we submit your funds for placement at member banks.
- Member banks issue the CDs in denominations under $250,000 so your entire investment is eligible for full FDIC insurance coverage
- You will receive written confirmation of deposit and a listing of all CDs.
- You will receive one monthly statement, and one single year-end 1099 that reports taxable income on all CDs involved.
For more information regarding CDARS, please visit http://www.cdars.com/home/how-cdars-works/
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IRAs
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An IRA is an account which allows you to save for retirement with tax-free growth or on a tax-deferred basis. There are two main types of IRAs- Traditional and Roth- each with different advantages. Cornhusker Bank offers IRA Certificates of Deposit and IRA passbook savings accounts. All you need to do is select the best fitting type of account for your retirement planning strategy.*
What is the difference between a Traditional IRA and a Roth IRA?
Roth IRAs and Traditional IRAs have a lot in common, but differ on some key points. Your age and income are key factors on which IRA is best for you.
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Roth IRA | Traditional IRA |
| Age Limit |
Any age can contribute to a Roth IRA Subject to income restrictions |
You must be under the age of 70 ½ to contribute |
| Income Limits |
Amount you can contribute:
- Cannot exceed amount of yearly income; household income if married and filing jointly
- Cannot exceed IRS limits
- Can be reduced or eliminated based on you modified adjusted gross income |
Amount you can contribute:
- Cannot exceed amount of yearly income; household income if married and filing jointly
- Cannot exceed to the IRS limits |
| Can minors** or nonworking spouses contribute? |
Yes, but there are restrictions |
Yes, but there are restrictions |
| Are there contribution limits? |
- If you are under 50 you can contribute up to $5,500
- If you are over 50, you can contribute $6,500 |
- If you are under 50 you can contribute up to $5,500
- If you are over 50, you can contribute $6,500 |
| Can you claim contributions as a tax deduction? |
No. Tax credits available under certain circumstances. |
You may be able to claim all or part of your contributions. |
| Are taxes paid on withdrawals? |
You will not pay taxes on withdrawals after the age of 59 ½ and you’ve met the 5 year holding period. |
You will pay income taxes on all distributions from a traditional IRA. |
| Is there a penalty on withdrawals taken before you turn 59 ½? |
There is a 10% penalty tax on all withdrawals before the age of 59 ½ and before the 5 year holding period is met. Exemptions available for specific situations and uses. |
There is a 10% penalty tax on all withdrawals before the age of 59 ½. Exemptions available for specific situations and uses. |
| Are there any required minimum distributions? |
No |
You have to take the first RMD (required minimum distribution) by April 1 of the year following the year you reach age 70 ½. Every year after that you have to take the annual RMD by December 31. |
Find out about investment choices available at Cornhusker Bank by visiting www.cornhuskerbank.com/Wealth-Management-Financial-Services.
*Consult a tax advisor regarding the deductibility of traditional IRA contributions.
**Cornhusker Bank does not open minor IRAs.
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